Book Image

The Economics of Data, Analytics, and Digital Transformation

By : Bill Schmarzo
5 (2)
Book Image

The Economics of Data, Analytics, and Digital Transformation

5 (2)
By: Bill Schmarzo

Overview of this book

In today’s digital era, every organization has data, but just possessing enormous amounts of data is not a sufficient market discriminator. The Economics of Data, Analytics, and Digital Transformation aims to provide actionable insights into the real market discriminators, including an organization’s data-fueled analytics products that inspire innovation, deliver insights, help make practical decisions, generate value, and produce mission success for the enterprise. The book begins by first building your mindset to be value-driven and introducing the Big Data Business Model Maturity Index, its maturity index phases, and how to navigate the index. You will explore value engineering, where you will learn how to identify key business initiatives, stakeholders, advanced analytics, data sources, and instrumentation strategies that are essential to data science success. The book will help you accelerate and optimize your company’s operations through AI and machine learning. By the end of the book, you will have the tools and techniques to drive your organization’s digital transformation. Here are a few words from Dr. Kirk Borne, Data Scientist and Executive Advisor at Booz Allen Hamilton, about the book: "Data analytics should first and foremost be about action and value. Consequently, the great value of this book is that it seeks to be actionable. It offers a dynamic progression of purpose-driven ignition points that you can act upon."
Table of Contents (14 chapters)
10
Other Books You May Enjoy
11
Index
Appendix A: My Most Popular Economics of Data, Analytics, and Digital Transformation Infographics

Digital Economics Effect #3: Economic Value of Digital Assets Accelerates

Across multiple use cases, the value of an analytic module's predictive "refinement" accelerates economic value because the continuous predictive and operational improvements of a specific analytic module lifts the value of all use cases that have used that same analytic module (see Figure 7.6):

Figure 7.6: Effect #3: Economic Value of Digital Assets Then Accelerates

Let me explain Digital Economics Effect #3—the analytic module predictive "refinement" effect—in Figure 7.6:

  • Let's say that we have created Analytic Module A, which was used to support Use Cases #1, #2, and #3. Now let's say that in Use Case #4, the data science team "refines" or improves the predictive accuracy and effectiveness of Analytic Module A through new data enrichment techniques, or improved hyperparameter optimization, or a more effective new neural network...